Category: ERISA & ESOP

BG ESOP Lawsuit Noted in New York Times Article

The New York Times reported on a lawsuit filed by Bailey Glasser. The article, titled “He Grew Up in the Shadow of the ‘Wolf of Wall Street.’ Then He Got Into Debt Settlement” (Saturday, February 10, 2024), details a debt settlement operation run by Ryan Sasson (the stepson of Stephen Drescher, a close associate of Jordan Belfort, the self-proclaimed “Wolf of Wall Street”) across several states and involving various entities and law firms – and even shoe designer Steve Madden – now facing serious civil fraud changes brought by the Consumer Financial Protection Bureau and the attorneys general of New York, Colorado, Delaware, Illinois, Minnesota, North Carolina and Wisconsin.

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Law360 Covers ERISA Team’s Win Over Attempted Motion to Dismiss

Bailey Glasser’s ERISA team achieved another litigation win in the fight to protect employee retirement funds. In an order issued Tuesday, a North Carolina federal judge denied industrial refrigeration company, Morris & Associates’ motion to dismiss former CEO Bryan John’s ERISA case that alleged the company mismanaged an employee stock ownership plan by grossly undervaluing the business.

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ERISA Partner Mark Boyko Quoted in Law360 on 401(k) Forfeiture Case

Bailey Glasser partner Mark Boyko was quoted in the Law360 article, “3 Arguments, Hearing Benefits Attys Should Watch in Feb.,” commenting on the significance of a new theory of liability under ERISA against Clorox Co. in a California federal court. The case challenges the company’s use of 401(k) forfeitures, created when employees leave before fully vesting, to offset corporate contributions into the plan.

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BG Defeats Attempt to Dismiss Federal Class Action ESOP Lawsuit

Another win on behalf of protecting company employees’ hard-earned money: today, our ERISA team defeated a motion to dismiss that challenged a class action brought on behalf of a class of investors in the Churchill Holdings, Inc. Employee Stock Option Plan where we alleged that the trustees breached their fiduciary duties and engaged in prohibited transactions in violation of ERISA law.

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ERISA Partner Patrick Muench a Panelist on ABA ERISA Litigation Virtual Webinar

Join Bailey Glasser Partner Patrick Muench December 12, 2023, at 1pm EST for a virtual webinar discussion on ERISA litigation involving Employee Stock Ownership Plans (“ESOPs”) hosted by the American Bar Association’s Joint Committee on Employee Benefits. This event will include a review of some common areas of dispute in ESOP cases and a summary of trends and recent court decisions.

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